Disney has been under constant fire for some time with a lot of uncertainty about where exactly the company is truly trying to head. Bob Chapek took over at a rather rough time, as streaming was still a booming market, and then suddenly the pandemic happened. No matter where one lies in regard to streaming’s future, Disney was all in long before Chapek took over and Bob Iger was still leading.
in a shocking twist though, it seems that Iger is back in business. While having left the position behind, the iconic manager has once again decided to return to the position. Chapek is set to leave the company with the Disney board of directors has announced it on a Sunday night, a very uncommon move in the industry.
We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic. The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the Company through this pivotal period.
Susan Arnold, Chairman of the Board
What makes this announcement bizarre is that Chapek already signed a multi-year contract. So, he’ll definitely be leaving with a nice package as he leaves the role behind. Iger has already sent out an e-mail to employees and going by online reactions, there’s a certain excitement in the air.
It should be noted that Iger’s new contract is only set for two years, as he prepares for a true successor; a highlight of why this decision was made. The controversies surrounding their digital expansion have definitely left a sour taste with the market’s boom, especially when Netflix hit a sudden ceiling; though has seen some more positive developments as of late.
The issue on top of it all is also the controversy surrounding Florida’s “Don’t Say Gay” bill, which was a PR nightmare for the company and ended up souring its relationship with many. Add in some harsh quarter developments with heavy investments and not hitting profitability targets, and the board definitely has been concerned and took immediate action to correct the course, or rather find the man to steer a “complex period of industry transformation.”
Source: The Hollywood Reporter
